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: Johnson & Johnson, the world’s biggest health-care company, said it will cut 6%to 7%of its workforce as part of a restructuring plan. The cuts will save as much as $1.7 billion by 2011, the New Brunswick, New Jersey-based business said on Tuesday. The company didn’t identify how many employees will be impacted. J&J had 118,700 workers at the end of 2008.
J&J has been trying to diversify its business into consumer products and medical devices as it faces generic competition to its antipsychotic Risperdal and migraine drug Topamax. The company reported third quarter revenue that was lower than analysts had expected, citing generic competition and slowing demand for its consumer products.
“Today, we are announcing a series of actions and plans designed to ensure that our company remains well-positioned and appropriately structured for sustainable, long-term growth in the health care industry,” CEO William C Weldon said.
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